Clinical Chemistry Analyzers Market is Poised Expected to Reach a value of ~US$ 16.3 Bn by 2027February 23, 2021
Clinical Chemistry Analyzers Market: Introduction
Transparency Market Research has published a new report titled ‘Global Clinical Chemistry Analyzers Market’. According to the report, the global clinical chemistry analyzers market was valued at approximately US$ ~11.3 Bn in 2018. The global clinical chemistry analyzers market is expected to expand at a CAGR of ~4% during the forecast period from 2019 to 2027.
Clinical chemistry analyzers are devices that carry out assays on clinical samples, such as plasma, blood, serum, urine, and cerebrospinal fluid to determine the presence of analytes relating to drugs and diseases. Clinical chemistry analyzers are used in a range of settings, including research laboratories, small clinics, and high-throughput hospital labs. Most of the clinical chemistry analyzers being launched in the market are highly automated in order to generate maximized throughput, improve user safety from biohazards, and diminish the risk of cross-contamination. Once the tests are programmed by the user, samples are introduced into machines and tests are carried out.
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Rise in demand for medical devices in diagnosing various conditions (such as cardiac or neurological) results in increased preference for clinical chemistry analyzers, especially in hospitals and other healthcare centers and thus, these factors are driving the clinical chemistry analyzers market. Moreover, increased automation in clinical chemistry analyzers has propelled the global clinical chemistry analyzers market, owing to faster results and multiple tests at the same time.
In terms of product, the panels & reagents segment held a major share of the global clinical chemistry analyzers market in 2018. This segment is likely to maintain its dominance during the forecast period. The panels and reagents segment is anticipated to grow at a rapid pace during the forecast period, due to increase in prevalence of lifestyle diseases. Moreover, rise in awareness about preventive healthcare augments the number of tests performed across the globe. The analyzers segment held a significant share of the clinical chemistry analyzers market and it is likely to expand at a moderate CAGR between 2019 and 2027. The expansion of this segment can be attributed to technological advancements in clinical chemistry analyzers and high unmet need in diagnostics.
Based on end user, the hospitals segment accounted for a significant share of the global clinical chemistry analyzers market. This segment is projected to grow at a moderate CAGR during the forecast period. The growth of this segment can be attributed to increase in healthcare expenditure and rise in the number of hospitals in emerging economies, such as India and China.
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The diagnostic centers segment held a significant share of the global clinical chemistry analyzers market and is anticipated to grow at a moderate CAGR during the forecast period. Rise in patient preference for these outpatient settings due to quick access to test results and high efficiency of clinical workflow are expected to boost the segment growth.
Clinical Chemistry Analyzers Market: Prominent Regions
North America held a major share of the global clinical chemistry analyzers market in 2018. It is primarily driven by factors, such as presence of key market players, a highly structured healthcare industry in the region, and key developments by market players, including product launch approvals, key mergers, and acquisitions.
For instance, in October 2016, Ortho Clinical Diagnostics received the U.S. FDA’s approval for its VITROS automation solutions for use in facilitation of the integration of laboratory automation in clinical chemistry, immunodiagnostics, and other modalities. Moreover, awareness about various chronic diseases among people is leading to adoption of various point-of-care testing devices, which is anticipated to drive the clinical chemistry analyzers market in the region.
Europe held the second largest share of the global clinical chemistry analyzers market in 2018. The growth of the clinical chemistry analyzers market in the region can be attributed to increase in prevalence of chronic diseases in Europe and rise in geriatric population. As a result of which, diagnostic test procedures are increasing annually.
Asia Pacific accounted for a significant share of the global clinical chemistry analyzers market in 2018 and the market in the region is expected to grow at a rapid pace during the forecast period. Increase in the number of people with chronic diseases, product approvals, and rise in awareness about various diagnostic techniques are factors anticipated to fuel the growth of the clinical chemistry analyzers market in the region.
According to an article published in a leading Indian newspaper, Indian Express, with over three million deaths owing to cardiovascular diseases every year, India is set to be the ‘heart disease capital of the world in forthcoming years’. According to the report by International Diabetes Federation Diabetes Atlas, around 415 million adults suffer from diabetes globally. Moreover, 318 million adults have impaired glucose regulation and are at a high risk for developing diabetes in the future. China ranks number one, with the highest number of people with diabetes, which is anticipated to drive the clinical chemistry analyzers market in the region.
Clinical Chemistry Analyzers Market: Key Players
Key players are expanding their footprints to strengthen their position in the global clinical chemistry analyzers market. Increase in the number of patient population, and development of new effective diagnostic and therapeutic devices offer lucrative opportunities to key players to increase their share in the clinical chemistry analyzers market. Manufacturers are engaging in strategic acquisitions, collaborations, and distribution to expand their market share in the clinical chemistry analyzers market.
For instance, Siemens Healthineers has installed base of more than 600,000 devices worldwide that enables them to draw a massive pool of data that is utilized to augment medical care. The company has relied for years on building partnerships with universities, research institutes, and healthcare providers. Currently, Siemens Healthineers has partnerships with 90 of the world’s top 100 healthcare providers.
Prominent players operating in the global clinical chemistry analyzers market are Ortho Clinical Diagnostics, F. Hoffmann-La Roche Ltd., Danaher Corporation, Randox Laboratories Ltd, Siemens Healthineers, Abbott Laboratories, Thermo Fisher Scientific, Inc., and Mindray Medical International Limited.